The US role with OPEC

It is important to remember that oil production was destined to rise and that the prices of crude oil and petroleum products were destined to fall. The Organization of Petroleum Exporting Countries knew better than to keep the market short of crude.It is also important to remember that the US government was destined to play a role in OPEC's late-March agreement to raise production quotas. The extent of that role, however, deserves attention.Oil diplomacyAccording to Energy Sec. Bill Richardson, this month's production increase happened because of US exertions."The administration's diplomatic efforts should result in an immediate production increase [of] 1.8 million b/d," he sa...

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